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in spending cuts. the president had this to say. >> the potential agreement would make sure it taxes do not go up on middle-class families but it would also extend tax credits for families with children, extend the tuition tax credit that has helped millions of families pay for college, and it would extend tax credits. >> lawmakers were also narrowing the income level at which they would increase to between $400,000.50 under thousand dollars. no deal is reached, taxes will go up for all americans. >> let's now go live to washington. we have a correspondent following the story for us. what else does the president have to say? >> i think this is important to review the deficit. he said the compromise is being looked at and he is urging them to come together right now in the senate to pass this bill. he wants both parties to work together and you could really see in his body language that he feels well right now. >> should there be a deal, what needs to happen in both houses of congress for the stopgap effort to go through? >> first, the senate will come together and decide the taxes for the weal
, the government will have to continue issuing bonds, as no major increase in tax revenues can be expected. >>> u.s. lawmakers will resume budget talks as the year-end deadline for the fiscal cliff looms. u.s. president barack obama is cutting short his christmas holiday to carry on the negotiations to avert drastic budget cuts and tax increases. obama is scheduled to return to washington on thursday in time to restart talks. the u.s. president is asking congressional executives to compile a compromise plan that features continued tax cuts for the middle class. that represents a shift in his policy that called for higher taxes on the wealthy, along with measures to cut the fiscal deficit. talks between democrats and republicans came to a standstill last week. a deal still remains uncertain. the republicans canceled a vote on their compromise plan. that's because many republicans remain opposed to any kind of tax hikes. >>> china has opened what it calls the world's longest high-speed rail line. the railway links the capital city of beijing and ghangzhou in the south. shun ishibe have more. >> rep
that obama will discuss measures for avoiding the rest of the automatic spending cuts and tax hikes that will bite if lawmakers fail to come up with a plan. >> pessimism remains the prevailing mood in washington as the january deadline rapidly approaches. neither democrats nor republicans have any new proposals for a workable compromise. >> the starbucks coffee chain has urged its workers in washington, d.c., area to write "come together" on the cups, a plea for party leaders to work out a compromise, but some customers say that is not enough. >> i mean, i like with starbucks is riding on the cups. i wish they would write, like, something else, like "republicans, stop being stupid." >> i think the solution will probably be neutered and not very effective, but ultimately, i think they will avoid the fiscal cliff. >> but neither side appears willing to give in. democrats, for example, are frustrated that republicans will not agree to raise taxes on the wealthy. >> the majority of rich people in our great country are willing to pay more. the only people who disagree with that are repub
leaders. they're trying to find a way to head off automatic tax increases and spending cuts that take effect in the new year which economists warned could trigger a recession. >> we're now at the point where in just four days, every american's tax rates are scheduled to go up by law. every american's paycheck will get considerably smaller. and that would be the wrong thing to do for our economy, it would be bad for middle class families, and it would be bad for businesses that depend on family spending. fortunately, congress can prevent it from happening if they act right now. i just had a good and constructive discussion here at the white house with senate and house leadership about how to prevent this tax hike on the middle class. and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. >> the president obama says if time runs out, he will urge democratic senators to put forward a basic package for a vote. obama has been pushing republicans to limit tax breaks to people making less than $250,000 a year. he also at one point raised the threshol
Search Results 0 to 3 of about 4